Ferrari Car Loan

All such exquisite features, however, are often high-priced; most Ferrari cars are indeed of high costs. As a result, numerous banks offer Ferrari car loan in the UAE, allowing users to make an easy purchase while repaying the loan instalments flexibly.

Features and Benefits of Ferrari Car Loan

If you are considering getting your brand new Ferrari car financed, here is a list of key features and benefits that can be availed of with most Ferrari car loan plans in the country -

• Low Interest/Profit Rates: Most leading banks in the UAE provide car loans to Ferrari owners at affordable rates of interest. If you opt for such a car loan from any of the leading loan providers, you can expect interest rates that start as low as 1.80%.
• Instant Application Process: Contrary to popular opinion, auto loans in the UAE are easy to obtain and have minimal document requirements. This is especially the case for Ferrari cars, as you can simply apply for the loan online and have your application approved without any delays.
• Easy Loan Repayment: As mentioned in the previous point, applying for a best car loan in the UAE is quite easy – the same is the case when you repay it. If you select any of the best loan providers in the country, you will get flexible loan repayment options, the option to customise the loan products, the choice of repayment tenure, and so on. In some cases, you may as well get a grace period after which you can start paying your first loan instalment.

Top Banks Offering Ferrari Car Loans

1- ADIB Car Loan

ADIB Car Loan Specifications	Information
Maximum Loan Amount	Up to 1 million
Interest/Profit Rates Starting from	1.99% per annum
Loan Repayment Tenure	Up to 60 months
Other Benefits	One yearly instalment deferment

Click Here to Apply Now

2- Emirates NBD Car Loan

Emirates NBD Bank Car Loan Specifications	Information
Maximum Loan Amount	Up to AED 3.5 million
Interest/Profit Rate Per Annum	1.99% onwards
Maximum Loan Repayment Tenure	60 months
Benefits	Salik Recharge, roadside assistance, free credit card for the first year

Click Here to Apply Now

3- Emirates Islamic Bank Car Loan

Emirates Islamic Bank Car Loan Specifications	Information
Maximum Loan Amount	Up to AED 1.5 million
Interest/Profit Rate	2.15% onwards
Loan Repayment Tenure	Up to 60 months
Benefits	Up to 60 days of grace period for initial instalment

Click Here to Apply Now

4- RAKBANK Car Loan

RAKBANK Car Loan Specifications	Information
Maximum Loan Amount	Depending on the applicant
Interest/Profit Rate	2.37% onwards
Repayment Tenure	Up to 60 months
Benefits	60 days grace period for the first loan payment

Click Here to Apply Now

5- FAB Bank Car Loan

FAB Car Loan Specifications	Information
Maximum Loan Amount	AED 1.5 million
Interest/Profit Rate Starting from	2.49% per annum
Maximum Loan Repayment Tenure	60 months
Benefits	Up to 180 days of grace period for the first year

Click Here to Apply Now

FAB Car Loan Interest Rates

The interest rate applied by a loan provider will vary for each individual due to the involvement of a number of factors. Discussed below are some key factors that can influence the interest rates for your Ferrari car loan -

• Income: Income is one of the crucial factors regarding loan interest rates, as it directly allows banks to analyse whether the applicant would be able to repay the loan on time. If your income is lower, you may face challenges in paying off the loan amount. As this translates into higher risk for the bank, it may charge a higher rate of interest in such cases.
• Tenure of Loan: It is the total duration in which the borrower has to complete all the monthly instalments. If the loan tenure is longer, the loan provider may apply higher interest rates.
• credit Score and History: Another key factor, your credit score (as well as credit history) plays a crucial role in the determination of the interest rate for your Ferrari car financing option. As your credit score can easily demonstrate your creditworthiness, all loan providers evaluate your credit score and your credit history. If an individual has made all the payments on time and has a good credit score, they will be considered a good potential borrower by the bank. Consequently, by keeping a good credit score and credit history, you can secure a Ferrari car loan at low interest rates.
• Debt-to-Income Ratio: The term simply denotes the ratio of the monthly amount that you pay for existing loans or credit dues and your income. If you are currently in debt, the bank first checks the amount that is deducted from your monthly income. A higher debt-to-income ratio, here, means that you will have less available income for repaying the car loan, which results in higher interest rates for you.
• Co-Applicant: Several financial institutions allow users to add a co-applicant to their loan application. If an applicant includes a co-applicant in their loan application, the bank will combine their combined income for calculation. With a co-applicant, you can expect lower rates of interest.

Ferrari Car Loan Eligibility in UAE

Although the eligibility criteria of each bank differ, given below are some of the basic eligibility criteria that must be in order to secure Ferrari car finance:

• Age: Most banks and loan providers sanction Ferrari car loans only if the applicant is at least 21 years’ old
• Income: All applicants are required to fulfil the minimum income requirement as prescribed by their bank or loan provider to be considered eligible
• Nationality: Whether you are a UAE national or an ex-pat, almost all the leading banks in the UAE offer car loans to all the residents of its nation. However, ex-pats might be required to submit some additional documents to the bank compared to the nationals
• Employment Status: Contrary to widespread belief, even self-employed individuals are eligible to apply for Ferrari car finance besides salaried individuals. However, loan providers generally require the applicant to have stable employment and income.
• Credit Score: To get your Ferrari car financed, it is crucial to have an excellent credit score as it allows the bank to estimate whether you will be able to pay the loan instalments on time (as per your credit history to date). Moreover, some banks may approve the loan application even with a low credit score, although the interest charged in such cases would be quite high.

How to Apply for a Ferrari Car Loan in UAE?

With the rise of the digital sphere, financial institutions have also started allowing users to access most bank-related services online. The same applies to a Ferrari car loan, as one can easily get this loan online.

Moreover, if you apply for this car loan in UAE from Policybazaar UAE, you will get numerous additional offers and benefits. One can simply visit policybazaar.ae and go to the ‘car insurance’ section. On the page, fill out the application form to get access to the top Ferrari car loan plans in the country.

As mentioned earlier, you can enjoy many benefits if you apply for a Ferrari car loan from our website. In just one place, you will get all the top plans on your screen for your consideration. You can select any of the plans and get additional offers if you apply for them from policybazaar.ae. Moreover, if you face any difficulties whether during the loan application or after the instalments start, you can be able to contact our customer service or a financial expert.

Documentation required for Ferrari Car Loans

The following is the list of documents that financial institutions may ask from you during your Ferrari car loan application process -

For Self-Employed Individuals	For Salaried Individuals
Original Passport Original Visa Original Emirates ID Valid Quotation Driving Licence Trade Licence Bank Statements	Original Passport Original Visa Original Emirates ID Valid Quotation Driving Licence Bank Statements Salary slips/certificates

How to Calculate EMI for Ferrari Car Finance?

Irrespective of the bank or the loan provider from which you get your car financed, you will be able to calculate the EMI on the bank’s website itself. Most leading financial institutions in the UAE have their own free online car loan calculators.

Borrowers can simply enter a few details related to their car, loan tenure, interest rates, loan amount, and so on to get the applicable monthly instalment on their screen. Online calculators are remarkable in that they accurately evaluate your results and make the process of calculating your car loan instalments completely effortless.

These calculators come in handy before making the final decision regarding your Ferrari car loan in the UAE, as you can reset all the entered values and calculate again to have an estimate of various loan plans.

Charges and Fees Applicable for Ferrari Car Loan & Finance

Listed below are the charges and fees applicable for most Ferrari car loan plans in the UAE.

Charges and Fees	Details
Processing Fee	1% of the amount
Early Settlement Fee	1% of the amount
Down Payment	Varies as per the bank
Late Payment Fees	Variable

Ferrari Car Loan Instalment Repayment Options

When it comes to paying monthly instalments, users in the UAE have numerous payment options to choose from. Read below further to know more about the different methods to repay your loan amount:

Internet Banking

• Visit your bank’s official website and navigate to the ‘Loan’ section
• View your loan details and look for the monthly instalment payment option
• After you locate the option, follow the on-screen prompted instructions
• Select the suitable payment gateway method (credit card, debit card, and others) and complete the payment
• You can also set up the option to have your monthly instalment automatically deducted on the due date here

Mobile App Banking

• Download and install the mobile application of your bank
• Login to your account, move to the ‘Loan’ section, and navigate to the payment option
• Choose a convenient payment gateway method and complete the payment 

Visiting Bank Branch

A borrower can also pay their Ferrari car loan monthly instalment by visiting the nearest branch of their loan provider if this option is of their preference. One can reach out to the bank authorities and perform the payment process in-person. However, it should be noted here that the individual must carry all the related documents to avoid any difficulty.

Popular Ferrari Cars in UAE On-Road Prices

Most Popular Ferrari Cars	On Road Price*
Ferrari GTC4Lusso	AED 1.2- 1.35 Million
Ferrari GTC4Lusso T	AED 1.26 Million
Ferrari 812 Superfast	AED 1.7 Million
Ferrari 488 Spider	AED 1.3 Million
Ferrari 488 GTB	AED 1.15 Million

*Actual prices may differ

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